PH Resorts launches new capital raising scheme for Cebu project

PH Resorts Group is looking to raise around $600 million in funds to support the construction of its $600 million integrated resort in Mactan, Cebu, local media reports.

In an interview, PH Resorts president Raymundo Martin Escalona said the company was looking to raise debt and equity to finance the construction of The Emerald, which is scheduled for completion by the end of 2020.

Escalona said the company was finalizing the structure of the financing program and hopes to complete the fundraising activity over the next two to three months.

The company was originally planning to sell around P12 billion (US$228.8 million) worth of shares through the Philippine Stock Exchange but said the new method was more strategically suitable for its funding requirements.

“The intention of PH Resorts is to really go to the market. We have the option until the end of 2020, depending on the market situation,” he said.

Mr. Escalona said they are “very optimistic” for the casino business in the Philippines, especially since all of their projects are near airports.

The company is also developing a $250 casino in Clark, catering to the mass gaming market.